G.E. to Sell French Consumer-Finance Unit

G.E. to Sell French Consumer-Finance Unit

Article excerpt

Cerberus Capital Management is the latest to scoop up a piece of
General Electric as it sheds certain businesses to focus on its
industrial roots.

General Electric said on Thursday that it had received a binding
offer from an affiliate of the private equity firm Cerberus Capital
Management for its French consumer-finance business as the
conglomerate continued its retreat from finance.

The sale of GE Money Bank in France, as well as operations in
certain French overseas territories, would be the latest shedding by
General Electric as it sought to focus on its industrial roots after
years of expansion into finance.

Last year, G.E. said it would sell the bulk of its finance arm,
GE Capital. Since then, GE Capital has entered into agreements for
asset sales worth about $177 billion. …